Stripping out fuel, currency and calendar effects, revenue grew 2.9 percent year-on-year, a slowdown from 3.2 percent growth in the third quarter.

Despite the quarterly slowdown, Carrefour achieved its fifth straight year of rising sales for 2016 as a whole, as a recovery plan started by Chief Executive Georges Plassat in 2012 continues to bear fruit.

Carrefour, which makes 73 percent of its sales in Europe, is pursuing a recovery strategy focusing on price and cost cuts along with expansion into smaller convenience stores, while also renovating its chain of hypermarkets.

In France, where Carrefour makes 43 percent of its sales, like-for-like revenue rose 0.7 percent in the quarter, a slowdown from 1.2 percent growth in the third quarter amid fierce price competition among retailers.

Closely watched same-store sales at Carrefour’s French hypermarkets fell 1.2 percent after a 1.0 percent decline in the third quarter but supermarkets and convenience stores had a robust performance.

Carrefour’s performance in France still outpaced that of smaller rival Casino <CASP.PA, which reported a 0.2 percent rise in same-store sales in the fourth quarter.